Ørsted Completes Divestment in Hornsea 1 Offshore Wind Farm
Danish offshore wind farm developer Orsted A/S has completed the divestment of 50% of the Hornsea 1 Offshore Wind Farm to Global Infrastructure Partners (GIP).Three months ago, Ørsted signed an agreement to sell 50% of the 1,218MW offshore wind farm Hornsea 1 to Global Infrastructure Partners (GIP). Hornsea 1 is under construction and will be the world’s largest offshore wind farm when commissioned in 2020.As part of the agreement, Ørsted will construct the wind farm under a full-scope EPC contract. Ørsted will also provide long-term operations and maintenance services from its O&M base in Grimsby and provide a route to market for the power generated by Hornsea 1.Ole Kjems Sørensen…
Cape Wind Secures $600M toward Mass. Wind Farm
Cape Wind said on Wednesday it has secured $600 million in financing for its proposed $2.5 billion wind power farm off the Massachusetts coast, and expects to have the rest locked up by the end of the third quarter. Danish state-owned export credit agency EKF approved the loan pending due diligence, Cape Wind President Jim Gordon said at a power industry conference in Boston. EKF is the project's biggest financial commitment to date. "EKF is a very knowledgeable and experienced investor in the offshore wind industry and they recognize that Cape Wind makes sense both economically and environmentally," Gordon said. The project would have the capacity to produce 468 megawatts of electricity, enough to power nearly a half-million homes.
Greenfield Fund Takes Stake in German Wind Farm
The Marguerite Fund has acquired a 22.5% stake in the German greenfield Butendiek offshore wind farm. The Butendiek project is a 288 MW greenfield offshore wind farm located in the North-Sea in the German exclusive economic zone, 32 km west of the German Island of Sylt, and consisting of 80 Siemens 3.6 MW wind turbines. The start of the offshore construction works is scheduled for Spring 2014 and installation of the wind turbines is planned to take place between Autumn 2014 and Summer 2015. When commissioned the wind farm will produce 1,290 GWh p.a., enough to supply the equivalent of some 370,000 households with electricity each year. The cost of the project is estimated to be €1.3bn.
